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Divestitures, Assets Held for Sale, and Acquisitions | 3 Months Ended
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Mar. 31, 2018
Divestitures, Assets Held for Sale, and Acquisitions [Abstract] |
Divestitures, Assets Held for Sale, and Acquisitions [Text Block] | Note 3 - Divestitures, Assets Held for Sale, and Acquisitions Divestitures On March 26, 2018, the Company divested approximately 112,000 net acres of its Powder River Basin assets (the “PRB Divestiture”), for total cash received at closing, net of costs (referred to throughout this report as “net divestiture proceeds”), of $490.8 million, subject to final purchase price adjustments, and recorded an estimated net gain of $409.2 million for the three months ended March 31, 2018. These assets were classified as held for sale as of December 31, 2017. On March 10, 2017, the Company closed the divestiture of its outside-operated Eagle Ford shale assets, including ownership interest in related midstream assets, for net divestiture proceeds received at closing, of $747.4 million and net divestiture proceeds of $744.1 million after final purchase price adjustments. The Company recorded a net estimated gain of $398.1 million for the three months ended March 31, 2017, and a final net gain of $396.8 million related to these divested assets for the year ended December 31, 2017. Assets Held for Sale Assets are classified as held for sale when the Company commits to a plan to sell the assets and it is probable the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to identify and expense any excess of carrying value over fair value less estimated costs to sell. When assets no longer meet the criteria of assets held for sale, they are measured at the lower of the carrying value of the assets before being classified as held for sale, adjusted for any depletion, depreciation, and amortization expense that would have been recognized, or the fair value at the date they are reclassified to assets held for use. Any gain or loss recognized on assets held for sale or on assets held for sale that are subsequently reclassified to assets held for use is reflected in the net gain on divestiture activity line item in the accompanying statements of operations. As of March 31, 2018, the accompanying balance sheets present $234.6 million of assets held for sale, net of accumulated depletion, depreciation, and amortization expense, which consist of the Company’s remaining assets in the Williston Basin located in Divide County, North Dakota (“Divide County”), and the Company’s third-party operated assets, known as Halff East, located in Upton County, Texas. A corresponding asset retirement obligation liability of $23.1 million is separately presented for these assets held for sale. Certain assets held for sale were written down by $24.1 million to reflect fair value less estimated costs to sell upon classification as held for sale during the three months ended March 31, 2018. The Company has entered into definitive agreements for the sale of its Divide County assets (the “Divide County Divestiture”) and its Halff East assets in the Midland Basin (the “Halff East Divestiture”) for a total gross purchase price of $292.3 million, subject to certain price adjustments. The Company expects both of these divestitures to close during the second quarter of 2018. These closings are subject to the satisfaction of customary closing conditions, and there can be no assurance that either transaction will close on time or at all. The following table presents loss before income taxes for the three months ended March 31, 2018, and 2017, for the Company’s Divide County assets held for sale as of March 31, 2018, which are considered a significant asset group.
| For the Three Months Ended March 31,
| 2018 |  | 2017
| (in thousands)
Loss before income taxes (1) | $ | (11,497 | ) |  | $ | (332,719 | )
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(1) | Loss before income taxes reflects oil, gas, and NGL production revenue, less oil, gas, and NGL production expense, depletion, depreciation, amortization, and asset retirement obligation liability accretion expense, and impairment expense.
As of March 31, 2017, the Company had certain assets in its Rocky Mountain region classified as held for sale. These assets were written down by $359.6 million to reflect fair value less estimated costs to sell upon classification as held for sale during the three months ended March 31, 2017. Acquisitions Subsequent to March 31, 2018, the Company acquired approximately 760 net acres of unproved properties in Martin County, Texas, for $24.6 million. Under authoritative accounting guidance, this transaction was considered an asset acquisition. Therefore, the properties will be recorded based on the fair value of the total consideration transferred on the acquisition date and the transaction costs will be capitalized as a component of the cost of the assets acquired.

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- Definition The entire disclosure of activity related to acquisitions, divestitures, and assets held for sale. [Text Block] + References No definition available. + Details
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- Definition Divestitures, Assets Held for Sale, and Acquisitions [Abstract] + References No definition available. + Details
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